Losing All Their Money

Do I feel sorry for the folks who lost all their money with Bernie Madoff?

Of course. It's an awful feeling to spend your time being responsible and successful, earn a lot of money, and have it swindled out from under you. Will these people starve? No. They are rich people. They will need to work again, perhaps, start taking the subway again, etc. Not the end of the world.

What I find fascinating (in an awful way) are the mixed responses to the Madoff folks losing money and say, the Enron people losing their money. There is a tendency to feel sorry and pity the Enron people and feel smug about the the Madoff folks losing all their retirement dough. I suppose this is a natural - even rational - feeling, those hardworking middle class folks don't have a second or third home they can sell for cash. But both sets of people were duped in a similar way (although I think both sets bear some responsibility for their own losses since entrusting all your dough in either Enron or one single investment manager can be viewed as unwise).

Nevertheless, resentment towards high performing and earning individuals is a serious danger. The day we let this get the better of us, is the day we won't see great sports performances, great movies, new technological gadgets, great writing, etc. Undoubtedly much American wealth is bullshit - handed down from inheritance, lucky real estate or stock purchases, etc - not earned wealth, but found. But resentment towards this wealth is insane and should the day come when I find myself the beneficiary of good luck or good fortune, I don't want to be hated for it.